Douglas Lane & Associates LLC Purchases New Stake in Shopify Inc. $SHOP

Key Points

• Douglas Lane & Associates LLC purchased a new stake in Shopify Inc. during the 2nd quarter, acquiring 1,875 shares valued at approximately $216,000.
• Several hedge funds have increased their stakes in Shopify, with Vanguard Group Inc. now owning over 47.9 million shares worth approximately $4.56 billion.
• Shopify reported quarterly earnings of $0.35 per share and revenue of $2.68 billion, surpassing expectations and reflecting a 31.1% increase compared to the previous year.

Douglas Lane & Associates LLC purchased a new stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,875 shares of the software maker's stock, valued at approximately $216,000.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp raised its stake in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the period. Nuveen LLC purchased a new stake in shares of Shopify during the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board raised its stake in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SHOP. Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research note on Tuesday, July 22nd. Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Phillip Securities lowered shares of Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Scotiabank restated a "sector perform" rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Benchmark restated a "buy" rating and issued a $140.00 price target (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Performance

Shares of SHOP opened at $143.38 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $156.85. The company has a market cap of $186.35 billion, a price-to-earnings ratio of 80.10, a price-to-earnings-growth ratio of 6.79 and a beta of 2.69. The firm has a fifty day moving average of $133.77 and a 200-day moving average of $112.04.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. Analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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